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With the rise of collaborative consumption platforms such as Airbnb and Stayz, many Australians are renting their properties on the public market. However, existing home and contents insurance policies did not cover these short-term rentals, leaving both renters and landlords unprotected. IAG Labs partnered with Velvet Onion & Friends to create ShareCover, an innovative unitised insurance product tailored for the sharing economy.
The vision was to offer comprehensive coverage for participants in the sharing economy when traditional home and contents insurance fails to protect them. Our project was to develop an end-to-end solution that provided affordable and flexible insurance for homeowners listing their properties on platforms like Airbnb and Stayz.
We began by conducting stakeholder workshops, persona development, and user research to understand the needs and behaviours of potential users. Using a design sprint approach, we quickly moved from concept to development, validating our designs with representative users. Our in-house development team worked closely with designers to ensure a seamless integration of UX and technical workflows. The initial design and development phase was completed in four weeks, followed by continuous improvements based on user feedback.
The ShareCover product attracted over 5,000 clients within the first two weeks with minimal marketing effort. ShareCover has created a valuable platform for the sharing economy, supporting IAG’s vision of making the world a safer place. The project continues to evolve, and has extended the unitised insurance offering to other sectors of the sharing economy.
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Velvet Onion & Friends is a diverse team of thinkers, makers, and problem-solvers passionate about creating digital products and services that make a real difference. With a mix of creativity, technical expertise, and strategic know-how, we’re here to help you navigate the digital landscape and bring your vision to life.
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